LOS ANGELES -- Legendary Pictures has formed a joint venture in China that aims to produce and distribute English- language movies that have the potential to be worldwide hits, it was reported on Thursday.
The venture, called Legendary East, will take advantage of China's booming film business, The Los Angeles Times said on its website.
Legendary Picture's partner is Huayi Brothers Media Corp, a publicly traded entertainment conglomerate in China with businesses including film production, movie theaters, music and marketing, the report said.
The venture marks a significant step for Legendary as it attempts to evolve from a co-financing partner for Warner into a more independent entertainment company, The Times said.
That process started last fall when Legendary Pictures Chairman Thomas Tull bought out many of his original investors in order to establish more direct control of the company. Around the same time, Hong Kong company Orange Sky Golden Harvest invested $25 million in Legendary as part of a strategic partnership.
Box-office receipts in China more than doubled between 2008 and 2010 to $1.5 billion, according to Screen Digest. In the last four years, the number of screens in the country has doubled to 6,200, a total projected to double again by 2015.
Legendary East will be headquartered in Hong Kong and expects to produce one or two English-language films per year beginning in 2013, with hopes of appealing not just to Chinese audiences but to moviegoers around the globe, according to the report.
Huayi Brothers will co-produce the movies with Legendary East and distribute them in China, while Legendary's US studio partner, Warner Bros, will release them in the rest of the world, the report said.
